One of the public sector companies, Bharat Petroleum Corporation Limited (BBCL), has decided to sell 12.5 per cent stake in the government. The Directorate of Investment and Government Property Management (DEPAM) has said that preferred companies will be able to apply by May 2nd.
In the public sector, the BBC’s share of Tk 1.5 billion shares is 0.5% The government has decided to sell it altogether. There will be two-stage destruction. Companies that have applied for a preference will be considered. After that, the quality of the organization will be determined in the second phase.
There is a rule that public sector companies should not engage in this stock exclusion action. It has been reported that any private company with more than $ 1,000 billion in assets can participate in auctions as a separate entity or as a combination of four entities. In this case, a large corporation could hold a 40 percent stake. Accordingly, the combined value of other companies is estimated at $ 100 billion.
The partnership may transfer within 45 days. However it has been noted that the parent company cannot be changed. Companies that buy BBCL can quickly capture 14 percent of market oil refineries. Likewise, one-fourth of the fuel market can be occupied.
The market value of BBCL is Rs 87,388 crore. The government’s participation in this is Tk 46.6 crore. Winners at auction can buy 26 percent stake in other investors through free investment.
The central government has set a target to raise Rs. The move to eliminate the BBCL stock is considered one of the most important steps towards achieving that goal.
The BBC has oil refineries in Mumbai, Kochi, Bina and Nulika. They will refine 1.5 billion tonnes of oil annually. India’s total oil refining capacity is 24.94 million tonnes. BBCL’s share of the oil refining capacity is more than 15 percent.
The Namliger plant has been sold to another public sector company. Thus, the purification capacity of the BBCL is 3.53 million tons.